AI, big data transforming earth-observation market, study finds
LONDON. Mounting demand for enhanced intelligence, the market entry of cheaper imagery products from small-satellite operators, and the development of integration platforms leveraging artificial intelligence (AI) and big-data capabilities are some of the key trends transforming the earth observation industry, according to a recent analysis from Frost & Sullivan, "Global Earth Observation Market, Forecast to 2029."
According to the analysis, companies are developing surveillance and analytics solutions from massive data mines across markets, while at the same time multiple start-ups are poised to deliver specialized intelligence-as-a-service to diverse customer groups such as autonomous vehicles, smart cities, and governments.
"New geospatial solutions covering diverse data sets are set to enter the market, bringing in fresh competition along with new customer groups and business models," said Arun Kumar Sampathkumar, Senior Research Analyst, Space, Frost & Sullivan. "Pay-per-image pricing and subscription-based business models will rise as the burden of data storage, distribution, and processing will be upheld by solution providers."
The study's authors found several ways industry players can capitalize on the changing market, including investing in customer research to better understand the unmet needs of new customer groups, and exploring evolving opportunities with respect to the impact of the IOT and AI and applying this knowledge to enhance products, services, and business models to avoid potential obsolescence risks.
For additional information on this study visit the website.